Question
To finance a vacation in 3 years, Elsie saves $360 at the beginning of every six months in an account paying interest at 11% compounded
To finance a vacation in 3 years, Elsie saves $360 at the beginning of every six months in an account paying interest at 11% compounded semi-annually.
(a) What will be the balance in her account when she takes the vacation?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(b) How much of the balance will be interest?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
(c) If she waits an additional year to start her vacation, and continues to save the same amount of money, how much more money does she have to spend?
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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